"New prospects for bilateral cooperation, implementation of joint projects on production, transportation and refinery of hydrocarbons on the territory of participating countries and third states and technological interaction are opening up," Novak said.

The sides particularly focused on the area of technological cooperation. Novak noted an increasing interest of Russian oilfield services companies to the market of Saudi Arabia. The Minister also mentioned the creation of joint R&D centers on the development and introduction of technologies in such areas as oil and gas production, oilfield services and transportation of crude hydrocarbons among promising projects.

"We consider joint development and production of oil and gas equipment for its further use and promotion to third countries’ market as another important area of potential cooperation," Novak said.